Lincoln bond refinance will save $1.9M in taxes

Friday

Mar 1, 2013 at 12:01 AM

STOCKTON - Lincoln Unified announced late Wednesday it has refinanced $21.4 million in outstanding general obligation bonds, a move officials say will save district property owners $1.9 million in taxes.

The Record

STOCKTON - Lincoln Unified announced late Wednesday it has refinanced $21.4 million in outstanding general obligation bonds, a move officials say will save district property owners $1.9 million in taxes.

According to the district, the average taxpayer will see a savings of about $100 over the next 13 years. Voters approved the bonds in 2004.

The bond funds have been used for classroom and facility renovation and modernization throughout the district. According to Lincoln Unified, the original interest rates on the bonds ranged from 3.2 percent to 4.4 percent and have been reduced to a range of 0.4 percent to 3.2 percent as a result of the refinancing.

"As stewards of taxpayers' dollars, we felt this was the right thing to do," Superintendent Tom Uslan said. "We wanted to take advantage of the low interest rate environment."

Board President Susan Lenz added, "We had the opportunity to save local taxpayers money and thought we should do it, especially in this economy."

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